PI-Solutions, a company offering ethical and equitable solutions to claimant personal injury (PI) law firms considering their options in the market, has secured £5m finance from Burford Capital that enables it to offer advance funding to solvent PI law firms exiting the market.
PI-Solutions has launched a new company, Advanced Legal Funding, to manage the funding which can offer advanced capital release of up to 40% of the work in progress (WIP) of solvent firms, which are either making a conscious decision to exit the market, consolidating activities or in the final stages of internal run-off.
It will be offered as part of a package to maximise the value secured by the exiting firm, which will benefit from realising 100% of the value of its WIP.
PI-Solutions’ managing director, David Johnstone explains: “The advanced funding came about after we realised a number of prospective clients didn’t use our services due to a genuine need to quickly realise a proportion of the value locked up in work in progress, in order to provide cash for exit costs such as professional indemnity insurance run off cover, termination of leases, legal fees, redundancies and so on.
“Having to deal with exit payments like these can drive solicitors to part with their asset – the firm they’ve worked so hard to build over the years – on a discounted basis. Now we can help provide an alternative as part of our ongoing commitment to assisting solicitors caught up in the maelstrom of change.”
PI-Solutions brokers a sale and/or offers a fully managed and compliant run off for firms of solicitors involved in PI that no longer wish to take on any more work; it uses multiple purchasing law firms willing to focus on the value generated in taking cases from the point of transfer through to conclusion as opposed to additionally seeking a windfall from the value already created
For further information about PI-Solutions and/or Advanced Legal Funding contact 01737 747 035 or email firstname.lastname@example.org